Multiple choice

Bhuvan made a fixed deposit of Rs. 15,000 in a bank on 1.1.2007 for 219 days under 12% pa simple interest. Find out the maturity value.

  1. Rs. 15,840

  2. Rs. 15,960

  3. Rs. 16,080

  4. Rs. 16,140
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Time = 219 days = 219/365 years = 0.6 years. Simple Interest = (15000 * 12 * 0.6) / 100 = 1080. Maturity value = 15000 + 1080 = 16080.

AI explanation

Calculate the time in years by dividing 219 days by 365, which gives exactly 0.6 years. Using the simple interest formula SI = P * R * T / 100, the interest earned is 15000 * 12 * 0.6 / 100, resulting in Rs. 1080. The maturity value is the principal plus the interest, so 15000 + 1080 equals Rs. 16080.

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